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Ally Survey Finds Canadians Divided on Best Time to Bank

Canadians' preferences show a need for around-the-clock banking
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&lt;p&gt;&lt;span class="xn-location"&gt;TORONTO&lt;/span&gt;, &lt;span class="xn-chron"&gt;July 27&lt;/span&gt; /CNW/ -- Canadians are looking for 24/7 availability when it comes to their banking, according to an Ally survey. The study showed that Canadians are banking morning, noon and night--regardless of their age, income or education.&lt;/p&gt;
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&lt;p&gt;"We have consistently found that customers want and need flexibility when it comes to their banking," said &lt;span class="xn-person"&gt;Mike Spero&lt;/span&gt;, managing director of Ally in &lt;span class="xn-location"&gt;Canada&lt;/span&gt;. "Knowing this, we have worked to develop a wide array of consumer savings products with great rates, friendly live customer service that is available 24 hours a day and a website that is easy to navigate."&lt;/p&gt;
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&lt;p&gt;Most Canadian respondents (42 percent) prefer banking during lunch or the middle of the day, followed by those who indicated a preference of banking in the evening, between 5 and &lt;span class="xn-chron"&gt;9:30 p.m.&lt;/span&gt;, and "morning people," who prefer to bank between 5 and &lt;span class="xn-chron"&gt;11:30 a.m.&lt;/span&gt;&lt;/p&gt;
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Additional findings include:
Counting sheep or counting cash?
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&lt;p&gt;The survey also showed that 1 in 10 Canadians are bedtime bankers, who are more likely to be counting cash during the late night instead of counting sheep (banking between &lt;span class="xn-chron"&gt;9:30 p.m.&lt;/span&gt; and &lt;span class="xn-chron"&gt;5 a.m.&lt;/span&gt;).&lt;/p&gt;
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&lt;p&gt;Additionally, Ally customers in &lt;span class="xn-location"&gt;Canada&lt;/span&gt; have shown a definite need for late-night banking availability: 47 percent of customers contact the Ally call centre between &lt;span class="xn-chron"&gt;6 p.m.&lt;/span&gt; and midnight. The remainder of customers require flexibility in their banking options, as well. Those customers split their banking times between the afternoon (noon to &lt;span class="xn-chron"&gt;6 p.m.&lt;/span&gt;) and late night (midnight to &lt;span class="xn-chron"&gt;6 a.m.&lt;/span&gt;).&lt;/p&gt;
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Daytime, nighttime, anytime online
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&lt;p&gt;Canadians are choosing the internet for a significant portion of their banking needs, according to the study. In fact, each of the age groups surveyed had respondents who reported that they no longer visit physical bank branches.&lt;/p&gt;
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&lt;p&gt;Those ages 35 to 44 were most likely not to visit a physical bank location (11 percent), followed by respondents in the 25 to 34 and 45+, with 5 percent of each group saying they never visit bank branches.&lt;/p&gt;
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Signs of the online banking times:
-- The higher a Canadian's salary is the more likely he or she is to bank
online. 91 percent of those with salaries of $80,000 to $100,000 said
they bank online, with 78 percent of those with salaries of $60,000 to
$80,000 and 68 percent of those with salaries of $40,000 to $60,000
banking online. Of the Canadian respondents who make less than
$40,000,
59 percent said they bank online.
-- A person's level of education also correlates to their online banking
tendencies. Of those surveyed, 62 percent of the respondents with a
high school education bank online, followed by 75 percent of those
with
a university degree and 82 percent who have post graduate degrees.
-- Do you have more than one person in your household? Then you may be
more likely to bank online. The survey showed that the number of
people
in a household links to whether a person banks online. 81 percent of
those with four or more people in their household reported they bank
online, compared to 59 percent of those with one person in the
household, 69 percent of those with two, and 75 percent of those with
three people in the household.
Age Isn't Just a Number
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&lt;p&gt;Age plays a factor in determining when Canadians choose to bank--those ages 45 and older prefer doing their banking at lunch or in the middle of the day while those 18 to 44 showed a clear preference to bank between 5 and &lt;span class="xn-chron"&gt;9:30 p.m.&lt;/span&gt;&lt;/p&gt;
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&lt;p&gt;Additionally, the survey showed that the younger a person is, the more likely they are to do bedtime banking: 20 percent of the 18- to 24-year olds surveyed bank between &lt;span class="xn-chron"&gt;9:30 p.m.&lt;/span&gt; and &lt;span class="xn-chron"&gt;5 a.m.&lt;/span&gt; compared to only 4 percent of the 65 and older group.&lt;/p&gt;
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&lt;p&gt;The oldest in the group were most likely to be morning bankers, banking between 5 and &lt;span class="xn-chron"&gt;11:30 a.m.&lt;/span&gt;, with 38 percent of those 55 and older selecting that time frame, compared to 21 percent of the 18- to 24-year-olds.&lt;/p&gt;
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Location, Location, Location
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&lt;p&gt;Province did not play a significant role in Canadian banking preferences. The majority of respondents from British Columbia, Alberta, &lt;span class="xn-location"&gt;Quebec&lt;/span&gt; and Ontario prefer to bank during lunch or the middle of the day (49, 47, 40 and 39 percent respectively).&lt;/p&gt;
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Battle of the Sexes
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&lt;p&gt;Women in &lt;span class="xn-location"&gt;Canada&lt;/span&gt; are more likely than men to kick their days off with banking-related activities. While only 29 percent of men surveyed indicated a preference for banking in the earlier part of the day, 37 percent of women were inclined to do so. The men surveyed were more likely to bank online compared to the women, with 77 percent of men banking on the internet versus 67 percent of women.&lt;/p&gt;
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&lt;p&gt;A small group of Canadian men and women were equally likely to be "all over the board" with their banking behavior, as 14 percent each of men and women do not have a specific banking time preference.&lt;/p&gt;
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About ResMor Trust
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&lt;p&gt;ResMor Trust Company is a federally regulated trust company focused on providing residential mortgages, mortgage servicing and deposit products through independent brokers. ResMor Trust provides online savings products directly to consumers through the Ally brand of deposit products, and is a subsidiary of Ally Financial Inc. ResMor Trust Company is a member of the &lt;span class="xn-location"&gt;Canada&lt;/span&gt; Deposit Insurance Corporation (CDIC).&lt;/p&gt;
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About Ally Financial Inc.
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&lt;p&gt;Ally Financial Inc. (formerly GMAC Inc.) is one of the world's largest automotive financial services companies. As the official preferred source of financing for General Motors, Chrysler, Saab, Suzuki and Thor Industries recreational vehicles, Ally offers a full suite of automotive financing products and services in key markets around the world. Ally's other business units include mortgage operations and commercial finance, and the company's subsidiary, Ally Bank, offers online retail banking products. With more than &lt;span class="xn-money"&gt;$179 billion&lt;/span&gt; in assets as of &lt;span class="xn-chron"&gt;March 31, 2010&lt;/span&gt;, Ally operates as a bank holding company. For more information, visit the Ally media site at &lt;a href="http://media.ally.com"&gt;http://media.ally.com&lt;/a&gt;.&lt;/p&gt;
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Editor's Note
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&lt;p&gt;These findings are based on a telephone survey conducted among a national probability sample of 1,011 adults comprising 485 men and 526 women 18 and older, living in private households in the &lt;span class="xn-location"&gt;Canada&lt;/span&gt;. Interviewing for this survey was completed during the period of &lt;span class="xn-chron"&gt;April 15&lt;/span&gt; to 19, 2010.&lt;/p&gt;
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Contacts:
Travis Parman
313-656-6967
travis.parman@ally.com
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Beth Coggins
313-656-6964
beth.coggins@ally.com